- Mr. Ope George, during a press conference held at Alausa, Ikeja, where he provided a detailed breakdown of the 2025 budget for various sectors.
- The total revenue estimate of N2.968 trillion comprises N2.230 trillion from IGR, N111.839 billion from Capital Receipts, and N626.137 billion from federal transfers.
- The Lagos State Internal Revenue Service (LIRS) is expected to contribute 63% (N1.4 trillion) of the projected IGR, while other ministries, departments, and agencies (MDAs) will generate around 37% (N830.177 billion).
The Lagos State Government has revealed that it has set aside N1.052 trillion in its 2025 budget for infrastructural development, underscoring Governor Babajide Sanwo-Olu’s commitment to complete ongoing projects across the state.
Eko Hot Blog reports that the announcement was made by Lagos State Commissioner for Economic Planning and Budget, Mr. Ope George, during a press conference held at Alausa, Ikeja, where he provided a detailed breakdown of the 2025 budget for various sectors.
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According to Ope George, the state’s N3.367 trillion budget will be primarily funded by internally generated revenue (IGR).
The total revenue estimate of N2.968 trillion comprises N2.230 trillion from IGR, N111.839 billion from Capital Receipts, and N626.137 billion from federal transfers.
The Lagos State Internal Revenue Service (LIRS) is expected to contribute 63% (N1.4 trillion) of the projected IGR, while other ministries, departments, and agencies (MDAs) will generate around 37% (N830.177 billion).
The state aims to achieve budget sustainability by focusing on deepening revenue sources and expanding the tax net.
This will be done through deploying technology, leveraging economic intelligence, and utilizing data gathering and analysis, among other initiatives.
George emphasized that the state has chosen a self-financing approach to fund the full implementation of the budget without incurring debt.
He also urged Lagos residents to continue supporting Governor Babajide Sanwo-Olu’s administration by adhering to the law and promptly paying their taxes, which would help realize the Greater Lagos Vision.
The “Budget of Sustainability” is not only a fiscal document but is strategically designed to provide economic stability, environmental stewardship, and social equity, ensuring that Lagos continues to thrive sustainably for future generations.
“The State’s focus is to ensure the durability, functionality, and adaptability of our physical assets to meet the ever-growing demands of our people, hence the investment of the sum of N1.052trillion representing 31.27 percent of the entire budget on infrastructure.
Our focus remains prioritising the maintenance, upgrade and expansion of existing road networks and furniture, construction of bus terminals, jetties bridges, rail systems, housing units and digital infrastructure in line with our vision for a truly 21st-century megacity,” he said.
George listed some of the infrastructural projects that cut across the five divisions of Lagos State and will be addressed in the 2025 budget as the construction of Samuel Ekundayo/Toga Road in Badagry, Abaranje Road in Alimosho, and Adamo-Akanun-Agunfoye Lugbusi Roads in Ikorodu; the construction and rehabilitation of roads in Ikeja GRA (Oba Dosunmu Road, Sasegbon Street, Sobo Arobiodu Street, etc.); and the rehabilitation and upgrading of the Lekki-Epe Expressway: Phase IIA (18.600km).
He said the State Government will also work on the completion of the Abule Egba and Ajah Bus terminals (Bus Reform Initiative, BRI), the construction of the Iyana-Ipaja Bus terminals, construction of the Opebi Link Bridge to Maryland that will significantly improve travel time and alternative route options in the axis, rehabilitation and upgrading of the Eti-Osa Lekki-Epe Expressway Project from Eleko T-Junction to Abraham Adesanya ( Phase II), construction of Lekki-Epe Airport Road and Omu Creek Road, as well as the urban renewal and technical studies on 4th Mainland Bridge.
